Yup, called the "click of death". Happened to me during college ... left for school, and left the computer on, thinking to myself "I need to backup my projects when I get home tonight ...". So when I got back home, it was sitting at a blue screen (was running NT 4), rebooted, and got the clicking.
Only thing you can hope for is the drive still has a warranty, and can get it replaced. Otherwise, get ready to shell out some money for a new one.
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